Right now, the benefits of owning your own home far outweigh renting. In addition to the pride of ownership, owning your home is a great investment, has tax advantages (in most cases), and allows you to build equity. When moving forward with the purchasing a home, it is important to understand the home buying process to make sure you get the most out of your investment.
- Hire a real estate agent. Hire a qualified agent to help you find your dream home and make the whole buying process easier. Real estate agents are here to help you, answer your questions, and make sure nothing is overlooked.
- Shop for mortgage rates and terms. Even a half of a percent difference could mean huge savings for you in the long run. Speak with a mortgage lender to better understand the rates and what you qualify for.
- Prequalify for a loan. If you go in to the home buying process knowing how much you can afford can make all the difference and let sellers know you are serious about moving forward in the home buying process.
- Visit properties. Take time to shop around, see what you like and don’t like. Your real estate agent can be a huge help here by finding properties that will meet your needs and stay within your budget.
- Research. Take the time to tour houses and talk with your agent about what features can help or hurt the resale value of your home. Take note of what you liked and didn’t like so you have a more concrete picture of what you want/need in a home.
- Make an offer. Once you have narrowed in on your dream home, you will want to make an offer. Utilize your agent to help you negotiate and handle the financial and contractual side of the dealings.
- Arrange a home inspection. After the offer has been accepted, you will want to set up a home inspection. Be sure to hire someone who is certified to check the home for leaks, cracked walls, or foundation problems. Note, you can negotiate repairs as part of the purchase.
- Close. This is where you sign the final paperwork and receive the keys to your new home.
- Prepare for your life in your new home. Now you can relax and get comfortable in your new home. Unpack and make the home your own.
Do you have any questions about the home buying process? Be sure to leave a comment and I will get back to you.